Stone’s CEO, Board Member Swap Roles

Bloomberg Línea — Pedro Zinner, a current member of Brazilian company Stone’s (STNE) board of directors, will take over as CEO from Thiago Piau, who will in turn become part of the board of directors of the payments company.

Piau, who has led Stone since 2017, “will focus on developing important strategic and financial initiatives to help Stone’s future expansion,” the fintech said in a statement.

Zinner, meanwhile, will leave the board to succeed Piau in the role from March 31, following a transition period alongside Piau at the head of the company.

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“Zinner will contribute his extensive experience in strategy, leadership and finance gained at the head of companies such as BG Group, Vale, and Eneva, where he led a cycle of strong growth and profitability,” Stone said in a statement.

Zinner will focus on the execution of Stone’s two priority business lines: financial services and software.

In August, Stone swapped its CFO Marcelo Baldin for board member Silvio Morais to temporarily take over the finances of the company co-founded by André Street.

On Thursday, the company’s shares rose 15%, their biggest intra-day rise since May.

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